We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
advice needed re Norwich union endowment
Options
gravs_2
Posts: 4 Newbie
Hi
I have a Norwich Union with profits endowment fund that I am considering selling because I am moving house and was thinking of puting more down on the deposit.
Its current surrender value is £5299 and have been offered £5900 from a endowment buying company.I believe that there will be some reorganisation of funds next year, and so am not sure whether I should therefore hang on to it for now to see what sort of payout I would get,or just sell for my deposit.Help and thanks in advance,
I have a Norwich Union with profits endowment fund that I am considering selling because I am moving house and was thinking of puting more down on the deposit.
Its current surrender value is £5299 and have been offered £5900 from a endowment buying company.I believe that there will be some reorganisation of funds next year, and so am not sure whether I should therefore hang on to it for now to see what sort of payout I would get,or just sell for my deposit.Help and thanks in advance,
0
Comments
-
There;s some doubt about whether or when this distribution will happen.Expect a few hundred pounds max.Trying to keep it simple...
0 -
https://www.life.norwich-union.com/fundtransfer/announce/home.do
Click the Am I eleigible link on the left to find out if you might get anything!0 -
I have checked with NU and I would be elligible.If its just a few hundred pounds I could just sell this year??0
-
Hi,
Hope it's alright to flag up this post again but I've just had letters about the reorganisation too.
Does anyone have a rough idea how much the payout might be and if it's per customer or per policy?
Thanks0 -
The payout has now been delayed.Trying to keep it simple...0
-
The letter I had said 2008. Is that not correct?0
-
The payout has been delayed to next summer but to say it`s only a few hundred pounds is just guessing.
At this moment it`s still being discussed so NO ONE knows how much it will be.0 -
The figure is total guesswork and will be based on your values. It could be as high as few thousand or it could be a few hundred. It is due for 2008.
I remember the demutualisation shares distribution. I had one client that got £15,000 of shares. Others only had a few hundred. Endowments tend to be low values compared to say pensions or investment bonds so I wouldnt be counting on a large amount with this.
It is worth waiting for though as NU are a good provider and their fund is strong. The current returns are beating the mid rate projection and one year longer to wait also means one year less surrender penalty as well as the orphan asset distribution and one years growth.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks everyone, is it one payout per policy or per customer? We have 2.0
-
With an endowment policy value of around 5k I don't think you can expect much more than a few hundred.Usually the windfall goes to the first named member on a policy.If both policies have the same person as first named their value would be amalgamated with an adjusted for length of time each has been held etc.Trying to keep it simple...0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.3K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards